• Healthcare (HC)

    31 Mar 2020

    Singapore-headquartered telehealth start-up Doctor Anywhere closes US$27 million Series B Financing led by Square Peg, EDBI and IHH

SINGAPORE – 31 March 2020 – Doctor Anywhere , a regional tech-led healthcare company headquartered in Singapore, announced today that it has secured a US$27 million Series B financing round led by Square Peg – the largest venture capital fund in Australia, Singapore Government investment arm – EDBI, and IHH Healthcare, a leading international healthcare provider. Rounding out this series of funding are Pavilion Capital and existing shareholder Kamet Capital, bringing Doctor Anywhere’s total capital base to exceed US$40 million.

This makes it one of the largest financing raised by a Singapore health-tech start-up in less than two years. The latest investment will boost Doctor Anywhere’s market leadership position in the health-tech industry in Asia, as it prepares for extensive expansion to augment the region’s healthcare landscape through digital transformation, with the support of strong local and regional partners.

Lim Wai Mun, Founder and CEO, Doctor Anywhere, said: “I am thrilled to announce our partnership with this group of outstanding institutional investors, especially at a time when global healthcare challenges are top-of-mind in many countries.”

“Our mission is to make healthcare cost-effective and accessible for everyone, and I feel grateful that our partners share the same vision of transforming the traditionally conservative healthcare industry. With our partners' significant influence and astute industry insights, we are rapidly becoming the leading tech-led health and wellness platform in Asia.”

Doctor Anywhere also recently launched its platform in Thailand, in partnership with one of Thailand’s most established private hospitals, and a global corporate insurance provider serving more than 95 million customers worldwide. Doctor Anywhere also operates in key cities of Vietnam, namely Hanoi and Ho Chi Minh City, with announcements on other regional plans in the pipeline due later this year.

Tushar Roy, Partner, Square Peg, said: “It is a privilege to partner with Wai Mun and the Doctor Anywhere team. The provision of high-quality, affordable care delivered digitally, is important for the continued development of Southeast Asian economies. While high smartphone penetration and a fast-rising middle class provide an attractive market for the company, its solutions are also highly applicable to help bridge the urban and rural divide in healthcare access that exists throughout the region.”

Chu Swee Yeok, CEO and President, EDBI, said: “As one of the earliest digital health players in Singapore, Doctor Anywhere delivers the best of both virtual and in-person care, to bring choice, personalisation and improved healthcare outcomes to patients. As a homegrown company, Doctor Anywhere is actively supporting our nation’s fight against COVID-19, by deploying its telemedicine platform at ferry terminal custom checkpoints and providing medical services to home-quarantined individuals. EDBI seeks to bolster Doctor Anywhere’s journey as it continues to champion the adoption of telemedicine to bring healthcare accessibility and affordability to all patients in Southeast Asia.”

Dr Kelvin Loh, Managing Director and Chief Executive Officer of IHH Healthcare, said, “IHH is transforming healthcare to make it as convenient as possible for our patients. As part of this journey, IHH is very pleased to partner with Doctor Anywhere. Their end-to-end digital platform enables patients to schedule and receive virtual consultations with a doctor anytime, anywhere. Prescribed medications can also be delivered right to their home. The partnership is immediately synergistic in Singapore which is one of IHH’s home markets.”

Danny Wong, Pavilion Capital, said: “We are pleased to support Doctor Anywhere. With a compelling vision and comprehensive platform capabilities, Doctor Anywhere is building the leading regional telehealth network to improve healthcare access in Southeast Asia.”

Kerry Goh, CEO and Co-Founder, Kamet Capital, said: “Since the beginning, Kamet Capital shared Doctor Anywhere’s vision to make high quality healthcare accessible and cost-effective for everyone with the help of technology. We are pleased to continue our partnership to provide mentorship and business advice to Doctor Anywhere, in alignment with our commitment to creating and growing local champions - particularly in healthcare and technology.”

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